Market Introduction:
Metal treatment chemicals are used to maintain the luster and smooth finish of the surface metal that gets deteriorated with the time, extreme temperature, and corrosive environment. Prominent application areas of these chemicals include automotive OEM & component industry, metalworking, electrical & electronic, and industrial machinery among others.
Globally, India is one of the largest markets for metal treatment chemicals. Not only the nation is one of the largest producers but also a larger consumer of these chemicals. Some of the burgeoning industries such as automotive, OEM, metalworking, and electrical & electronics are creating substantial demand for metal treatment chemicals.
Acknowledging the spurting growth, the Indian market is perceiving currently and the potential this market holds to grow further, a leading research firm ‘Market Research Future’ (MRFR) in its recently published study report asserts that the India metal treatment chemical market will garner a valuation of USD 378.4 MN by 2023 registering a CAGR of 5.68% throughout the forecast period (2017 to 2023).
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Key Players Analysis:
BASF India Ltd
Henkel Adhesives Technologies
Metalguard Pvt. Ltd
Chemtex Speciality Limited
CMP PVT. LTD
Olivine Mercantiles Pvt. Ltd
Prime Laboratories
KCH INDIA PVT. LTD
Moreover, India’s defense sector which accounts for the second-largest in the world provides a significant platform in bolstering the business opportunities for metal treatment chemicals. The defense industry in India is receiving a considerable boost, thanks to the rapidly growing economy and opening up of defense production to the private sector. Resultantly, India has now become a hub for metal works in Asia.
Resultantly, the metal treatment chemical market in India is growing rapidly. Additional factors that are predominantly driving the market growth for these chemicals include the technological advancements transpired in the metalworking industry that is increasingly meeting the demand from the various sectors such as the automobile, auto components, and defense & railways among others.
Segment Analysis:
Indian metal treatment chemical market is segmented on the basis of type, application, and region. Based on the type, the market is divided into anodizing and plating chemicals, corrosion protective chemicals, cleaning chemicals, and paint strippers. The anodizing and plating chemicals are hard, durable penetrated in major applications such as electrode coating, anodized layer formation, and electroless plating. The anodizing and plating chemicals account for 32.60% of total market share.
This segment is set to emerge as a preferred choice in the metal treatment chemical industry due to growing advance surface of components in response to stringent regulations in the automotive industry. Cleaning chemicals are used to remove impurities initially in order to achieve smooth finishing surface along with minimizing offensive odor in surrounding area. Cleaning segment is growing considerably and is anticipated to reach USD 75.4 million by 2023. Additionally, to maintain the luster and surface finish, corrosion protection chemicals are used, which is expected to grow significantly at a CAGR of 6.15% over the forecast period.
Automotive & component parts are treated with chemicals to maintain the smooth surface finish and ensures optimal paint adhesion for long-term corrosion protection. The automotive sales in India are expected to rise at a CAGR of 15% by 2019. Thus, metal treatment chemicals market is anticipated to witness positive growth over the forecast period. Rising concern over continual repair of warranty parts has also led to surging the demand for metal treatment chemicals. This segment is expected to reach USD 124.8 million by the end of the year 2023 at a CAGR of 6.14%.
Rapid industrialization has led to advanced technology, minimal complex process, and increased demand for the metal in various industries. This has led to increasing the demand for metal treatment chemicals in industrial machinery application, therefore is likely to witness a significant growth at CAGR of 5.30% over the forecast period. Moreover, growing demand for metal treatment chemicals for airframe structure is also projected to propel the product demand in the aerospace industry.
Key Findings:
The Indian metal treatment chemical market is projected to reach USD 378.4 million by 2023 at a CAGR of 5.68% during the review period, 2017-2023. Among all, the anodizing and platting segment is leading type of metal treatment chemical market. Corrosion protective chemicals protect the metal components from degradation due to oxidation or exposed to moisture and salt spray.
Moreover, to maintain smooth surface texture, corrosion protection chemicals are expected to retain its dominance over the forecast period. Among these applications, the automotive & component segment is accounted for the largest market share in 2016. Growing continual repair of warranty parts drives the demand for metal treatment chemicals from the automotive industry. Furthermore, to increase the durability of metal along with maintaining surrounding free from containment, cleaning chemicals are anticipated to drive metal treatment chemical market. Rising government initiatives coupled with increasing environmental-friendly chemical formulation is anticipated to drive the Indian metal treatment chemicals market.
Regional Analysis:
Indian Metal Treatment Chemical Market is divided into four sectors as North, South, East and West sector. The northern region offers multitude opportunities to automakers as well as its suppliers. Around 26% share of Northern India is contributed in National GDP. North sector is expected to drive the overall market and is valued at USD 88.0 million in 2016 at the CAGR of 5.72%.
The region also advanced from its close proximity to policymakers such as ACMA and SIAM along with major headquarters of OEM’s in North India such as Bajaj Auto, Hero Moto Corp, Honda, JCB, Maruti Suzuki and TATA Motors. West India is the fastest growing segment owing to the presence of considerable producer in automotive, industrial machinery and construction industry along with favorable climatic conditions. Extending construction activities and growing innovation in the electrical & electronic industry in the Western and Southern region has also contributed to strong in the metal treatment chemicals market.
LIST OF TABLES:
TABLE 1 INDIA METAL TREATMENT CHEMICALS MARKET, BY TYPE, 2015-2023 (USD MILLION)
TABLE 2 INDIA METAL TREATMENT CHEMICALS MARKET, BY TYPE, 2015-2023 (KILO TONS)
TABLE 3 INDIA ANODIZING AND PLATTING CHEMICALS METAL TREATMENT CHEMICALS MARKET,
2015-2023 (USD MILLION)
TABLE 4 INDIA ANODIZING AND PLATTING CHEMICALS METAL TREATMENT CHEMICALS MARKET,
2015-2023 (KILO TONS)
TABLE 5 INDIA CORROSION PROTECTIVE CHEMICALS METAL TREATMENT CHEMICALS MARKET,
2015-2023 (USD MILLION)
TABLE 6 INDIA CORROSION PROTECTIVE CHEMICALS METAL TREATMENT CHEMICALS MARKET,
2015-2023 (KILO TONS)
TABLE 7 INDIA CLEANING CHEMICALS METAL TREATMENT CHEMICALS MARKET, 2015-2023 (USD MILLION)
TABLE 8 INDIA CLEANING CHEMICALS METAL TREATMENT CHEMICALS MARKET, 2015-2023 (KILO TONS)
TABLE 9 INDIA PAINT STRIPERS METAL TREATMENT CHEMICALS MARKET, 2015-2023 (USD MILLION)
TABLE 10 INDIA CLEANING CHEMICALS METAL TREATMENT CHEMICALS MARKET, 2015-2023 (KILO TONS
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City: Pune
State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com/reports/india-metal-treatment-chemical-market-5199